Doing More for First-Time Home Buyers

Springfield, MA – At Large Springfield City Council candidate Juan F. Latorre III calls WalletHub’s ranking of Springfield as the 187th Best City for First-Time Home Buyers out of 300 “clear evidence of our need to do more to promote home ownership in Springfield.” 

The overall ranking is based on three categories: affordability, real estate market, and quality-of-life. While Springfield ranked 141st in overall affordability and 100th in quality-of-life, the city ranked 276th in the real estate market category. 

“Often, out of an abundance of pride in our city, our elected officials minimize the findings from these national reports. They focus solely on what they have done to address the issue, while minimizing the work that remains. These reports must be used as an opportunity to discuss areas for improvement”

“On affordability, one key metric considered is the residential property tax rate. While this rate has declined in the last ten years, at $18.90 per $1000 valuation, the rate is the highest among the ten Massachusetts cities in this report - more than 16% higher than the next closest city, Worcester.” 

“Reviewing our real estate market ranking, a key concern is the home ownership rate for millennials, who often are shouldering the additional burden of student loan debt. While the city does run a Down Payment Assistance Program, dramatic increases in housing prices in Springfield mean fewer homes are available that will meet the requirements for this down payment relief.”

“I believe our success in rolling out the COVID-19 vaccine, and our great school system, positively impact our quality-of-life ranking. However, we must acknowledge that our economic recovery lags other Massachusetts cities. With the 4th highest commercial property tax rate in the State, we place too large of a burden on small businesses.”

“As a City Councilor, I will work with the Administration and the Council to establish a new precedent for Tax Increment Financing (TIF) agreements. No TIF should be approved without a business establishing a First Time Homebuyers Incentive program for its’ employees to assist with purchasing homes in Springfield. Existing TIF agreements must be audited to ensure compliance, and if businesses are not able to maintain compliance, the agreement should be modified or cancelled. These two steps will support greater home ownership, and ensure the tax burden is fairly distributed.”